Dick's Sporting Goods is getting clobbered after same-store sales miss

Dick's Sporting Goods' stock is down 12% at $42.10 a share after the company reported same-store sales that were less than analyst estimates.

Comparable sales for the quarter climbed 2.4%, missing consensus forecasts of 3.6% growth. The sporting goods and apparel retailer also trimmed its forecast for full-year 2017 same-store sales.

RELATED: Check out popular retailers closing their doors this year:

13 PHOTOS
Retailers closing stores in 2017
See Gallery
Retailers closing stores in 2017
HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

"Despite a challenging retail environment, we realized growth across each of our three primary categories," chairman and CEO Edward W. Stack said in a statement. "Looking ahead, we continue to evaluate and adjust our business model, and are taking actions to reduce our expense structure in order to fund and develop our longer-term strategic initiatives."

STOCK PRICE FOR DKS

Full price information

Dick's reported an adjusted gain of $0.54 per share for the period, matching consensus estimates. The company also reported net revenue of $1.83 billion, which also met analyst forecasts.

The push lower in Dick's shares is bad news for investors who were expecting a further recovery from a more than eight-month low in late March.

NOW WATCH: Here's what popular dog breeds looked like before and after 100 years of breeding

More from Business Insider:
Bigger paychecks for US workers could be bad news for stocks
Snap is getting destroyed after its earnings disaster
Macy's is tumbling after same-store-sales whiff

Read Full Story